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AmeriResource Closes Acquisition of Royal Casino Entertainment3 October 2002LAS VEGAS – (Press Release) -- AmeriResource Technologies, Inc., (OTC Bulletin Board: ARES) October 3, 2002, AmeriResource Technologies ("ARES") announced today it has closed its previously announced acquisition of Royal Casino Entertainment ("RCE") and Royal Casino Cruises ("RCC"). Pursuant to the Exchange Agreement dated August 26, 2002, RCH and ARES agreed to exchange a majority interest in RCE and all of RCC for a majority interest in ARES. Terms of the acquisition are as follows: ARES acquired 60% of RCE and 100% of RCC in exchange for issuing restricted stock equal to 60% of ARES's outstanding common stock. ARES also received an option to buy an additional 20% of RCE over the next two years based on performance. As part of the Agreement, Dharmesh Patel, of Royal Casino Holdings, Corp. has been appointed President and Treasurer of ARES. In addition to joining ARES's Board of Directors, Mr. Patel has the right to appoint two nominees to the board of ARES. Delmar Janovec, will retain the titles of Chairman & CEO as well, he has been appointed a director of Royal Casino Holdings, RCE and RCC. Mr. Janovec stated, "We are very pleased to close this acquisition. The terms were favorable for both parties. Dharmesh Patel brings tremendous enthusiasm and experience to our Company. He will spearhead the day-to-day gaming operations as well as our planned future expansion into the entertainment and hospitality industries". RCE operates a state of the art Gaming Vessel, Royal Casino I, (RCC owns the land lease on which the Royal Casino 1 docks) from the Ambassador Resort & Corporate Center, located on Florida's Intercoastal Waterway at 4000 South Ocean Drive, Hollywood, Florida. The Royal Casino I Day Cruise & Gaming Vessel has a capacity of 385 passengers plus a 30-person crew. Royal Casino I operates two daily cruises at 11:00 a.m. and 7:00 p.m. Once, in International Waters the vessel operates as a "Las Vegas" style Casino complete with slot machines, black jack, craps, roulette and baccarat tables. Live entertainment and a full buffet are also provided. |